Fifth Third appoints Proctor & Gamble veteran to lead innovation team

Fifth Third appoints Proctor & Gamble veteran to lead innovation team

Cincinnati-based Fifth Third Bancorp has appointed Steve D’Amico, a 24-year Procter & Gamble veteran who most recently served as its director of design innovation to lead a new pioneering team at the US bank.

At P&G, D'Amico led the company's 'Clay Street project', an innovation lab that helps multi-disciplinary teams to solve some of the company’s most difficult business challenges. Over his time with P&G, he directed the design learning and capability efforts and served on the leadership team that created the company's design function.

At Fifth Third, D’Amico will be responsible for creating an embedded innovation capability - including human-centered design, rapid prototyping, deep customer research and other disciplines - throughout the company. Additionally, he will build and sustain an 'open innovation' API-based capability to boost the connectivity of the bank to external companies and incubators.

He will report directly to Tim Spence, executive vice president and chief strategy officer.

Fifth Third president and CEO Greg Carmichael comments: “We are excited to add a world-class product innovator and design expert to the Fifth Third team. Steve will build on our recent accomplishments in innovation and drive a portfolio of high-profile opportunities.”

Last year the bank took a $95 million charge on rightsizing its branch network after performing an abrupt about-turn on earlier plans to extend its high street presence as more customers moved to online channels.

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